Assessor Data And Fannie Mae Collateral Underwriter

[Riick]

I called Fannie Mae enforcement and asked them about it; they said it was fraud not me.

FIne... but will they *do* anything about that fraud?
I'll give you $10 the 1st time Fannie has a local assessor (ahem!) modify their fraudulent records,

 

[Deleted member 77547]

Hmmm, I wasn't aware Fannie Mae were enforcers of how local and county assessors gather and calculate their data. I thought their purpose was to expand the secondary mortgage market by securitizing mortgages in the form of mortgage backed securities. When did they become the assessor GLA police?

 

[Amy Perkins]

The fact that you have so many alternative sources, makes me wonder Greg , sounds like your searching. What if you had the raw data from every sale, verified by an appraiser? Sounds magical to me, sick of sifting through all the nonsense and the street files with loads of unorganized permits. We should all data share and cut out the middle man.

 

[Amy Perkins]

The fact that you have so many alternative sources, makes me wonder, Greg; sounds like your searching. What if you had the raw data from every sale, verified by an appraiser? Sounds magical to me, sick of sifting through all the nonsense and the street files with loads of unorganized permits. We should all data share and cut out the middle man.... Actually Fannie Mae said that I should ask for appraisers to have access, they are going to call me back.

 

[CANative]

The fact that you have so many alternative sources, makes me wonder, Greg; sounds like your searching. What if you had the raw data from every sale, verified by an appraiser? Sounds magical to me, sick of sifting through all the nonsense and the street files with loads of unorganized permits. We should all data share and cut out the middle man.... Actually Fannie Mae said that I should ask for appraisers to have access, they are going to call me back.

Try using FNC, much of the data comes from appraisal reports. It states the source (appraisal), the age of the appraisal, and whether or not the information is from the subject of the appraisal or was a comparable used in the appraisal.

I called Fannie Mae enforcement and asked them about it; they said it was fraud not me.

What did Fannie Mae say was fraud?

It doesn't really matter to CA assessors what, exactly is on the property unless it was something added to the property after the last sale. Our property tax system is based on a "rebuttable presumption" of market value based on the sale price of a property. It goes up automatically by 2% each year (most years... 2016 it only went up 1.525% due to inflation/CPI) and it never goes down unless a property owner appeals under Proposition 8. And then that is only for a single year. Of course if they add a structure or modify something and get wind of it they will reassess for that improvement (they don't reassess the entire property - just use estimated cost to add on to the Prop 13 factored base year value.)

There is no fraud going on in all this that I can see. It's no one's job to make things easier for appraisers. But I do sympathize with your plight. It's a major hassle ferreting out comp characteristics in some area and it adds SIGNIFICANT time to each assignment.

Here's what I deal with on almost every assignment I do.

MLS source snip (note "against company policy"); then CoreLogic source snip (no data); then FNC source snip, data! Note that the appraisal source is for a comp - so who knows if the writer of that appraisal got it right...

This is why I have to interview each listing and/or selling agent. But that's like herding cats. Sometimes it's embarrassing to tell an AMC or lender (or private party) "Not today, sorry. Can't get comp verification."

 

[DWiley]

In my area all 2-4 family properties are listed on the tax roles as commercial properties. Why? Because they are taxed at the commercial rate rather than the residential rate, and using the land use code COMMERCIAL is the easiest way for the assessor to handle that. The assessor data is for assessment properties. The fact that they use codes in the manner most convenient for them is not fraud - it is just how they do it, for their own purposes. I am confident that my local assessor could not care less what Fannie thinks about how they code their data.

 

[JTip]

1983 yb, 2001 effective, C2 condition...........right..........spot on...........

 

[CANative]

1983 yb, 2001 effective, C2 condition...........right..........spot on...........

I used the C3 rating on that comp.

 

[Amy Perkins]

The preliminary title report says single-family, so now the bank wants me to value it as a single family with guesthouse, not two units. Thanks assessor! This is really a waste of my time after I told him I got the permits. Then he wanted a copy before he approved my fee.

 

[gregb]

It always pays to get the title report. Appraisal 101 is identify the subject property. Sorry to hear you wasted your time completing the appraisal as a two unit residential income property, apparently based on the building permits.